NZD/USD Price Analysis: Bulls push back and attempt to regain the 20-day SMA

The NZD/USD pair has been trading choppily within a range between 0.6120 and 0.6200 in the last sessions.
The RSI is in positive territory with a rising slope, suggesting that buying pressure is increasing.

Patricio Martín FXStreet

On Monday, the NZD/USD pair rose by 0.70% to 0.6200, as the bulls took control of the market. The pair has been trading choppily within a range between 0.6120 and 0.6200 in the last trading sessions. That being said, if the bulls gain the 20-day Simple Moving Average (SMA) consolidating above 0.6200, it could be considered a buy signal.

The Relative Strength Index (RSI) is currently at 56, which is in positive territory and has a rising slope, suggesting that the bulls are gaining momentum. However, the Moving Average Convergence Divergence (MACD) printed decreasing red bars, a sign of a potential reversal in the bearish momentum. This is aligned with the recent price action, which shows the bulls are pushing back.

NZD/USD daily chart

Key support levels to watch are 0.6120, 0.6140, and 0.6160, while resistance levels are 0.6200, 0.6220, and 0.6240. A consolidation above the 0.6200 area would put the pair back above the 20,100 and 200-days SMA which could trigger additional upward movements.

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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